Description
This comprehensive Military Lending Act (MLA) Policy template is an essential tool for credit unions committed to compliance with federal regulations protecting active-duty service members and their dependents. Designed by industry experts, this downloadable Word document provides a robust framework for implementing and maintaining MLA compliance procedures.
The policy template covers all crucial aspects of the Military Lending Act, including covered borrower identification, disclosure requirements, and lending restrictions. It offers detailed guidance on determining military status, calculating the Military Annual Percentage Rate (MAPR), and applying the appropriate protections to eligible borrowers.
Key sections of the policy address:
1. Scope and applicability of the MLA
2. Covered borrower identification methods
3. Safe harbor provisions
4. Required disclosures and statements
5. Limitations on loan terms and conditions
6. Prohibited practices and penalties for non-compliance
7. Record-keeping and reporting requirements
8. Staff training and education
This customizable template allows credit unions to tailor the policy to their specific products and services while ensuring alignment with regulatory expectations. It includes placeholders for institution-specific information and offers flexibility to incorporate internal procedures and controls.
The document is regularly updated to reflect the latest regulatory changes and industry best practices, providing credit unions with a reliable foundation for ongoing MLA compliance. By implementing this comprehensive policy, financial institutions can demonstrate their commitment to protecting service members and their families while mitigating regulatory risks.
Ideal for credit unions of all sizes, this MLA Policy template streamlines the compliance process, saving time and resources while ensuring thorough coverage of all necessary elements. It serves as both a practical guide for staff and a demonstration of due diligence for regulators, making it an indispensable asset for any credit union serving military members and their dependents.
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